According to expert advisors, couples should talk with a professional finance advisor in Australia before their wedding day.
According to Lawrence D. Mandelker, a lawyer specializing in trusts and estates based in New York, it is a common set up where individuals are saving a lot before getting married to improve their assets and when they get marry there is a bigger chance of divorce happening as a result. This is the reason why he has been advising his own clients to consult with financial advisor before they actually tie the knot.
Financial advisors who have been offering premarital services to engaged couples said that the planning they do covers a lot of things such as small details of who will be responsible for the bills and bigger decisions as to keep their money in separate accounts or join it together in a single account.
They also act as counsellors to guide the couples in making decisions while ruled by their emotions which could affect their capacity to decide on their finances. One example is the stress that could negatively impact their relationship because one of them is controlling the finances.
Matthew Celenza, an advisor who has offered premarital services to couple, said that their role is more of a psychologist than a financial advisor. Another advisor, Jeremy S. Office, said that it is one of the major reasons why couples are having troubles in their married life.
There are financial professionals that charge a different hourly rate in premarital services while others don’t charge for existing clients. Some give a free consultation to prospective clients and other professionals look at the situation and charge based on that. The number of sessions for couples will be between one and five depending on how complex it is.
According to Laurie-Boore-Clow who experienced the premarital financial service, the couples should keep no secret from their advisor in order to work. Couples who are planning to seek a financial advisor in Australia should divulge everything including spending habits, financial goals as well as assets and liabilities they have.